Australia locked down, but from a New Zealand perspective their lockdowns have been rather less harsh than ours. Supermarkets and medical practices (for humans and animals) were all we had open.
It has seemed that their way got the results while having more shops open, though they are in a tight spot right now.
Whether it is lower now or not is more a philosophical question as empirical, the IFR has been demolished by vaccinating the elderly.
This can be taken two ways.... Either that Covid was never a risk to most people to begin with and only appeared deadly because of those close to death, OR Vaccines have saved us.
Either way, the CFR in Briton of the Delta Variant is 0.13%, for the unvaccinated that number is 0.08%
A reasonable IFR rate would be close to half those rates (in my opinion, as that is unknowable)
Safety wise, this is comparable to randomly firing a bullet at an occupied building. Most likely the bullet will miss (the guy won't be infected/won't infect), but if you get really unlucky (someone gets infected and spreads it before that connection can be discovered), the results are disastrous (and deadly - COVID still has a 1% IFR as far as I know).